Regions Bank Review: Checking, Savings and CDs

Regions BankNerdWallet’s rating: 3.0 / 5.0

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at Regions Bank

Regions Bank is one of the few financial institutions that offers rewards on both checking and savings accounts. And if you live in the South or Midwest, your home might be near one of the bank’s 1,600 branches and 2,000 ATMs. But keep in mind that its accounts don’t earn the best interest rates.

Regions Bank may be right for you if:

• You want checking and savings accounts that earn rewards or bonuses, even if interest rates are low.
• You live in the bank’s coverage area and like the convenience of having a branch nearby.

» MORE: Find bank and credit union sign-up bonuses

Our Ratings
Checking accounts
Savings & money market accounts
Certificates of deposit (CDs)
Customer experience
Other fees
Overall

Read on for more details about Regions Bank’s checking and savings accounts, CDs, customer experience and fees.

Checking accounts

3.5 / 5.0

Regions Bank provides four primary checking accounts, including the no-frills LifeGreen Simple checking and LifeGreen Preferred checking, which earns a tiny bit of interest. It also has special accounts for seniors and students.

You can’t waive the monthly fee in the no-frills account, and you need to meet balance requirements, have direct deposit or make debit card purchases to waive monthly fees on other accounts.

Regions checking accounts do qualify for two rewards programs: Regions Cashback Rewards, which lets you earn money back when you make certain purchases, and Regions Relationship Rewards, which gives you points for using bank services, such as signing up for Regions’ online banking or paying bills online. You can redeem these points for gift cards, travel and other perks.

Regions is also offering a $200 sign-up bonus for new checking account customers, but only in a few cities, such as Atlanta and Indianapolis. You’ll have to contact the bank to see if your location qualifies. If it does, you’ll need to make at least 10 debit card purchases and have a direct deposit of at least $500 within 60 days of opening the account to earn the bonus. The promotion is due to run through June 30, 2016.

Pros

Cons

Offers a sign-up bonus of $200 to new checking account customers in select cities. Provides two rewards programs for checking accounts: Regions Cashback Rewards for purchases and Regions Relationship Rewards for using bank services. Waives LifeGreen eAccess monthly fee of $10 ($8 with online statements) if you make at least 10 debit or credit card purchases each month. Allows LifeGreen Preferred Checking customers two fee-free transactions at non-Regions ATMs per month.

Charges monthly fees that range from $7 to $18 on its four main accounts. (If you choose online statements instead of paper, the bank cuts the fees by $2 a month.) Does not waive fees on the LifeGreen Simple account. Pays interest to LifeGreen Preferred checking customers — but only 0.01% APY.

» MORE: NerdWallet’s best checking accounts

Savings and money market accounts

2.5 / 5.0

Regions Bank offers three savings accounts, including one for minors, and two money market accounts. The rates are low, but the Regions LifeGreen Savings account pays a 1% annual bonus, good for up to $100, to qualifying customers who’ve held the account for at least a year.

» MORE: Find a savings account with an APY of 1.00% or higher

Pros

Cons

Offers LifeGreen Savings account holders an annual bonus of 1% of the average balance over the previous 12 months, up to $100. Doesn't charge a monthly fee for LifeGreen Savings account holders who also have a Regions checking account. Doesn't charge a monthly fee or require a minimum balance on Savings for Minors accounts.

Pays LifeGreen and standard savings customers only 0.01% APY. Charges monthly fees from $5 to $15 on standard savings and money market accounts, if you don’t keep the balances required to waive the fees. Requires a high, $15,000 minimum deposit to open a Platinum Relationship Money Market Account. APYs range from 0.01% to 0.25% if you meet checking account requirements and from 0.01% to 0.10% if you don't.

Certificates of deposit

3.0 / 5.0

Regions Bank offers standard CDs with terms that range from seven days to 80 months. They have high minimum balance requirements.

Pros	Cons
Offers promotional CDs with attractive APYs that vary by region: 1.10% to 1.40% (27 months), 1.40% to 1.75% (47 months), 2.00% to 2.20% (67 months). Requires an affordable $500 minimum deposit for CDs with terms of 90 days or more.	Requires a high minimum deposit of $10,000 and a Regions Checking account to issue promotional CD rates. Requires a high, $2,500 minimum deposit for CDs with terms of less than 90 days. Pays low nonpromotional CD rates: 0.60% APY for a CD with an 80-month term, and that's if you have a linked Regions checking account.

Customer experience

3.5 / 5.0

Regions Bank’s website is easy to navigate, and it offers mobile apps for iOS and Android devices. The Android version receives good ratings in the app store, averaging 4 stars out of 5, but the iOS version gets a lot of complaints — primarily that it doesn’t use the Touch ID feature for logging in. It averages only 2 stars out of 5 in the app store.

You can reach Regions Bank’s customer service by phone or email between 7 a.m. and 7 p.m. Central time on weekdays and between 8 a.m. and 2 p.m. CT on Saturdays. It doesn’t have 24-hour customer service for its checking and savings accounts. It also has 1,600 branches and 2,000 ATMs.

Other fees

2.5 / 5.0

Regions Bank’s $36 overdraft fee exceeds the national median. And according to its fee schedule, it will charge for up to six paid overdrafts and up to six additional transactions that are returned unpaid per day. That’s a potential $432 in fees.

You can use another Regions account — such as a savings account, credit card or line of credit — for overdraft protection. But there’s a fee of $15 per day you have an overdraft transfer, or $10 if you have a LifeGreen Preferred account.

Regions Bank was fined $7.5 million in 2015 after federal regulators found the bank had charged customers overdraft protection fees without asking if they wanted to use the service.  Regions ultimately reimbursed customers about $50 million, and it now requires you to opt in to overdraft approval coverage.

Bank accounts with perks

Learn More

at Regions Bank

Regions Bank bank is a full-service institution that offers a few features many other banks don’t, such as the annual 1% savings account bonus and the checking account rewards programs. But other financial institutions, including online banks and credit unions, offer rewards checking accounts and better savings rates.

» MORE: NerdWallet’s best banks in the Southeast

All negatives aside, Regions could make sense for you if you live in the bank’s coverage area and like the convenience of having a nearby branch.

Margarette Burnette is a staff writer at NerdWallet, a personal finance website. Email: mburnette@nerdwallet.com. Twitter: @margarette.

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Ratings methodology

For banks and credit unions, NerdWallet’s overall rating is a weighted average of each subcategory: checking accounts, savings and money market accounts, CDs, customer experience and other fees. Factors we consider, depending on the subcategory, include rates and fees, ATM and branch access, account features and limits, user-facing tech and customer service. Several Nerds contribute to each financial institution’s ratings to ensure consistency and accuracy.

What the ratings mean:
— Among the very best
— Very good; only minor caveats for most customers
— Good; issues that might make a difference to some customers
— Fair; make sure strengths and weaknesses are a good match for you
— Poor; proceed with great caution
(or below) — Best to avoid